There are numerous tax-efficient ways to support MCS, and we are always available to provide advice on how to maximise these benefits. Here are some examples of tax-efficient giving options:
Gift Aid
Both regular and single gifts can be made to MCS in a tax-efficient way by completing a Gift Aid declaration.
Gift Aid enables MCS to claim an additional 25% from the Government for your gift at no extra cost to you. Higher-rate taxpayers can reclaim £25 on every £100 donated, while additional rate taxpayers will receive £31.25 in their annual self-assessment tax returns.
Monthly Gift | Total Annual Gift | Value to MCS | Actual Cost to 40% Taxpayer | Actual Cost to 45% Taxpayer |
£5.00 | £60.00 | £75.00 | £45.00 | £41.25 |
£10.00 | £120.00 | £150.00 | £90.00 | £82.50 |
£20.00 | £240.00 | £300.00 | £180.00 | £165.00 |
£25.00 | £300.00 | £375.00 | £225.00 | £206.25 |
£50.00 | £600.00 | £750.00 | £450.00 | £412.50 |
£75.00 | £900.00 | £1,125.00 | £675.00 | £618.75 |
£100.00 | £1,200.00 | £1,500.00 | £900.00 | £825.00 |
Assuming a basic tax rate of 20%, a higher rate of 40%, and an additional rate of 45%.
If you are permitting MCS to claim gift aid on your donation for the first time, we will ask you to email the following statement back to us with the relevant details completed:
I, [NAME], whose address is [FULL ADDRESS AS USED WITH HMRC] confirm that:
I want to Gift Aid this donation and any donations I make in the future or have made in the past four years to Magdalen College School (Registered Charity No. 295785).
I am a UK taxpayer and understand that if I pay less Income Tax and/or Capital Gains Tax than the amount of Gift Aid claimed on all my donations in that tax year it is my responsibility to pay any difference.
I understand that Magdalen College School will reclaim 25p of tax on every £1 that I give.